The new luxury travel market report shows that the luxury travel market is increasing with a compound annual growth rate of 6.4%. Baby boomers are creating the most growth as travel is the most popular leisure activity for this generation, with Europe & the Caribbean as top preferred destinations. Asia has the highest growth rate of outbound travel.
According to Priyanka Bishit, research associate at Allied Market Research, “Luxury travel market epitomizes most desirable destinations, luxurious accommodations, convenient transport facilities and authentic travel experience. it aims in giving exotic experience to its travelers,” . “Private jet planes, spas, special menus, private island rentals and private yacht are some of the unique services offered to the luxury travelers.”
Luxury travel is no longer for the elite consumer only, it is now expanding to include the upper middle class & many hospitality brands are working to attract these customers. Affluent consumers are highly interested in unique experiences, focusing on adventure. Consumers are likely to pay more for exciting luxury experiences as of late.
***Images do not belong to Koshila concierge unless where expressly stated. Credit to the owners, kindly contact us to take down.